iHodl.com
Main page News, Cryptocurrency Exchanges, Cryptocurrency
Hot topic
June 29, 2022

FTX Founder and CEO, Sam Bankman-Fried, revealed in a recent interview with Forbes that some cryptocurrency exchanges are "secretly insolvent" as the market continues to decline.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

Although the billionaire declined to name those companies, he noted there are companies that are "basically too far gone and it's not practical to backstop them." He said:

"There are companies that are basically too far gone and it's not practical to backstop them for reasons like a substantial hole in the balance sheet, regulatory issues, or that there is not much of a business left to be saved."

Coinbase, FTX and Crypto.com to Spend Less on Marketing Due to Market Crash

While Bankman-Fried denied any merger talks with Robinhood, Forbes says the brokerage firm is still subject to acquisition.

In the meantime, FTX is reportedly considering acquiring a stake in BlockFi, shortly after it provided it with a $250 million revolving credit facility. According to sources close to the matter, the talks are still in progress and no equity agreement has been reached yet.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.